Facebook hit by scandals, misses revenue and user growth estimates

It would also wipe his US$13.7 billion ($20 billion) of gains for the year, leaving him with just less than US$70 billion ($102.2b).

For the second quarter, the social network reported earnings-per-share of $1.74 on revenues of $13.23 billion, as well as 2.23 billion monthly active users.

Total revenue rose 41.9 percent to $13.23 billion.

Facebook has been struggling for years with criticism about its content policies, its failure to safeguard private data and its changing rules for advertisers.

The magnitude of erosion of $120 billion can be understood if we compare it to other companies in the market: Facebook lost two Tesla in the after hour trade, i.e. within four hours. This week, Colin Stretch, who led Facebook's investigation into Russian election interference and who testified before Congress last year on Facebook's behalf, said he would leave the company by the end of the year. The company remains in a dominant position in mobile advertising alongside Alphabet Inc.'s Google. "That said, Facebook still has some wood to chop ahead both on the regulatory as well as user/advertiser front which must be successfully managed going forward", the analyst added.

Facebook's 2.23 billion monthly active users and 1.47 billion daily active users were both up 11 percent from previous year but also just shy of analyst predictions of 2.25 billion and 1.48 billion, respectively.

Facebook said it had 1.47 billion daily active users in June, compared with the 1.48 billion average of analysts' estimates compiled by Bloomberg.

Incidentally, Facebook's numbers witnessed a marked decline even in important markets like the United States, Canada and the European Union, where the company took a direct hit in terms of DAU due to the implementation of the General Data Protection Regulation (GDPR).

After the earnings report, executives worked to explain the potential of Facebook's other properties, not just the main social network, to fuel growth.

On Wednesday afternoon's earnings call with analysts, Facebook CEO Mark Zuckerbergannounced another way the social network measures and breaks out users: about 2.5 billion people use at least one Facebook-owned app - Facebook, WhatsApp, Instagram, and Messenger - each day.

Facebook Inc's (FB.O) stock fell as much as 24 percent after hours on Wednesday over concerns about the impact of privacy issues on the social media company's business, with executives warning that revenue growth would slow and expenses would rise.

Though Facebook said that the GDPR did not have a big effect on the quarter's revenue, but also noted that they were only in effect for about a month before the quarter ended. The company said headcount was 30,275 as of June 30 - an increase of 47 percent year over year.

That places Zuckerberg, who had been the world's third-richest person, at No. 6, below billionaires including Berkshire Hathaway's Warren Buffett, French business magnate Bernard Arnault, and Zara founder Amancio Ortega.

Related News:

They include students who, at the time, were varsity players in 14 sports and patients of Student Health Services. The team's former doctor, Richard Strauss , is accused of showering with and inappropriately touching players.

Amazon's third annual Prime Day, a 36-hour sales event for Prime users, was supposed to kick off smoothly at 12 p.m. Four new countries will be part of Prime Day this year: Australia, Luxembourg, the Netherlands and Singapore.

Trump also expelled dozens of Russian diplomats earlier this year in response to the poisoning of a former Russian spy in the U.K. On Sunday, Trump tweeted that the news media and Democrats won't be satisfied with any outcome of the summit.

Roma have rekindled their interest in Chelsea linked winger Leon Bailey after losing out on Malcom to Barcelona this summer . He stands out due to his electrifying pace and his technique with the ball at his feet.

Adeeb Al-Aama said in a statement that Saudi Arabia's crude oil exports in July would be roughly equal to June levels. USA crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels.

President Trump's longtime attorney and fixer is officially no longer on Team Trump, Cohen's lawyer told Axios on Wednesday. It would be instructive to find out whether Cohen knew what he was discussing with Trump was legally problematic.

Tia Coleman said her family initially lined up for the wrong tour so they had to switch out their tickets for the 6:30 p.m. ride. Later, people on Malaske's boat saw a duck boat passenger "hanging on for dear life" to the paddle wheel of the Belle, he said.

Spanish rider Gorka Izaguirre finished second, 15 seconds behind, and Yates crossed third with the same time. General director of the Tour de France Christian Prudhomme said: 'The finish will be brand new.

Emerging markets in Asia would take the next biggest hit, with gross domestic product slipping by 0.7 percent in year two. The retaliatory tariffs on up to a combined US$28.5 billion worth of U.S. exports are illegal under WTO rules, U.S.

PM Modi looked nonplussed initially and did not stand up, but recovered quickly and called Gandhi back and patted him on the back. The Bharatiya Janata Party won the vote 325-126, but Modi's speech was undermined by tiresome subjects and protesting MPs.

Woods 'blessed' to have chance to win The Open
Kisner, who started the third round tied for the lead, was never far away but had to work hard to stay there. He missed a short birdie putt and tapped in for par to finish off his final-round 71.

Storms, heavy rain continue Tuesday
Sunday , the pick of the weekend (and maybe even of the entire 7-day), will be the relief that we've been searching for. Please be as descriptive as possible and also include the location (town/city) where the photo or video was taken.

Briton discharged from hospital after Novichok poisoning
She added: "We continue to work closely with Public Health England, who have advised that Charlie poses no risk to the community". Ms Sturgess's death is being treated as murder and a coroner has released her body to allow her funeral to take place.

What Did President Rouhani Say?
North's Foreign Ministry accused the United States of making "gangster-like" demands for its unilateral disarmament. Pompeo said the action showed that US authorities "were not afraid to tackle the regime at its highest level".

Spider-Man's Spider-Geddon and Venom Continue to Expand
As you can imagine, it's being bundled with the highly anticipated new Marvel's Spider-Man video game that's exclusive to the PS4. There was also a glimpse at the "Velocity Suit" designed by comic artist Adi Granov and a line of game-specific Funko Pop! toys.

2023-26 Final Four sites picked
Johnson admitted the short time between the 2017 Final Four and Wednesday's presentation was a benefit for Arizona's group. And you know what? "They agreed with us and the Final Four is coming back to where it belongs in San Antonio , Texas".